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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Foreclosing party can choose nonjudicial under power of sale in deed of trust, or judicialIf a law called the Small Tract Financing Act applies, foreclosure must be nonjudicial. The Act may apply if homeowner executed an agreement called a trust indenture to get a loan to buy property of less than 40 acres. |
| Time to respond | Foreclosing party must give homeowner a 30-day notice before sale, or a 120-day notice if foreclosure is under Small Tract Financing Act. |
| Reinstatement of loan before sale | No provision for reinstatement in regular foreclosure
If foreclosure is under Small Tract Financing Act, allowed any time before sale |
| Redemption after sale | Available within one year after sale unless foreclosure is under Small Tract Financing Act—in that case, redemption is not available. |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Mont. Code. Ann. § 10-1-903 |
| Deficiency judgments | Only if the foreclosure is judicial |
| Cash exempted in bankruptcy | None |
| Notice to leave after house is sold | Former owner may stay for one-year redemption period if it’s available. If foreclosure is under Small Tract Financing Act, new owner is entitled to possession 10 days after sale, but must give former owner a 30-day notice to quit (leave) before filing an eviction lawsuit. |
| Foreclosure statutes | Mont. Code Ann. §§ 71-1-222 to 71-1-235 and §§ 71-1-301 to 71-1-321 |